For those of you that don't know already here is the transaction of 20 tenements from Slipstream to KSN. This is huge folks we are not talking about any old Lithium play here this company could be Huge! It has excellent ground and could dwarf all lithium plays in Australia with this much acreage. The rapid drilling program they have set will answer this question over the next 12 months. These guy's have a great plan and i suspect many company's will want a piece of KSN in the coming months. We have location, infrastructure, cash and most of all lots of high grade Lithium about to be discovered.
On 13 May 2016, Kingston Resources Limited (ASX:KSN) announced the acquisition of a portfolio of lithium assets from Slipstream and its associates, along with a $6.85m capital raising at 2.1c in which Slipstream’s investor group again participated prominently. The transaction is due to complete in early July.
The portfolio had been put together by Slipstream over the preceding 6 months and includes 20 lithium-prospective tenement applications covering four key project areas: Greenbushes and Mt Cattlin in Western Australia; and Bynoe/Wingate and North Arunta in the Northern Territory.
The Mt Cattlin Project consists of two tenements that were previously held by Galaxy Resources Limited (Galaxy), who were forced to relinquish them in 2012 despite identifying the Deep Purple prospect with rock chip samples up to 4.48% Li2O (Galaxy Resources Limited E74/287 (Mount Cattlin Project) Relinquishment Report 2012). The Project is approximately 14km from the Mt Cattlin hard rock lithium mine (16Mt @ 1.08% Li2O) which is jointly owned by Galaxy and General Mining Corporation Limited. Deep Purple is expected be the first prospect to be tested by drilling. Lithium Australia NL are currently active on the neighbouring tenement exploring for spodumene and lepidolite mineralisation.
The Greenbushes Project is situated on the southern boundary of the world-class Greenbushes Li-Ta mine, which is the largest hard rock lithium resource in the world (112Mt @ 2.6% Li2O). The tenement straddles the prospective Donnybrook-Greenbushes Fault, and it includes a geochemical anomaly defined by previous explorers which will be the focus of initial exploration. The Greenbushes area has recently been the subject of intense activity by companies looking to secure an exploration foothold around the Greenbushes Li-Ta mine. Lithium Australia hold a large exploration licence immediately west of the project.
The Bynoe and Wingate Projects were identified due to their position within the Litchfield Pegmatite Belt in the Northern Territory. The Bynoe Project occupies a strategic position within the Bynoe Pegmatite Field, which has hosted numerous historic tin and tantalum mines. The neighbouring tenements are also now being explored for lithium by companies such as Lithium Australia NL, Liontown Resources Limited and Core Exploration Ltd. The Wingate Project sits within the Wingate Mountains Pegmatite Belt and includes historic tin workings that formed part of the Buldiva Tin Field. The presence of tin and tantalum mineralisation is an indication of pegmatite chemistry prospective for lithium. Reconnaissance work by the Northern Territory Geological Survey (NTGS) has identified pegmatite targets in both areas.
The two areas that make up the North Arunta Project are strategically located within two known pegmatite areas, the Barrow Creek Pegmatite Field and the Alcoota Pegmatite Region. Both areas have been subject to numerous historical mines for tin, tantalum and tungsten. Limited sampling by the NTGS indicates the presence of suitable chemistry for lithium-bearing pegmatites. The Spotted Wonder tenement is bracketed by two recent tenement applications lodged by Kingston, making it an excellent synergistic acquisition securing a dominant foothold in the Alcoota region.
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